India’s crude oil import bill is set to exceed $100 billion in the current fiscal, almost double its spending last year as international oil prices trade at seven-year highs. The country spent $94.3 billion in the first 10 months (April-January), according to data from the oil ministry’s Petroleum Planning and Analysis Cell (PPAC).
It spent $11.6 billion in January alone when oil prices had started to surge. This compared with $7.7 billion spending in the same month last year.
In February, oil prices crossed $100 per barrel and going at this rate, India, which imports 85 per cent of its crude oil requirements, is expected to almost double its import bill to $110-115 billion by the end of the fiscal year 2021-2022.
